TEHRAN, Iran: Iran’s currency Sunday dropped to its lowest value ever as talks to revive the country’s tattered nuclear deal with world powers remained deadlocked.
Traders in Tehran exchanged the rial at 332,000 to the US dollar, up from 327,500 on Saturday. That marked more than a 4.4 percent change compared to June 1 when it traded at 318,000 to the dollar.
Iran’s currency was trading at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers.
The rial’s new low came as US sanctions against the country are still in force. Iran’s economy is struggling mightily mostly because of the US pullout from the 2015 nuclear deal between Iran and world powers that restored sanctions on Iran’s oil and banking sectors. Talks in Vienna to renew the agreement have been deadlocked for months.
In central Tehran, dozens of shop owners took to the streets in protest over the worsening economic situation, after many shut their businesses following a recent rise in business taxes. Police were present in force, but did not intervene.
Meanwhile, police arrested 31 currency and gold traders accused of creating “false demand” in the market, state TV reported without elaborating.
Separately, Iran’s Maha Air spokesman denied owning a Boeing 747 that Argentina seized after it landed Monday in Cordoba, Argentina.
Hossein Zolanvari told the official IRNA news agency that his company sold the Boeing to a Venezuelan company about a year ago.
“Mentioning Mahan Air in connection with the impounded airplane has aimed at political purposes,” he said. He said the plane’s crew also have no connection to Mahan Air.
It wasn’t clear if the plane was on a list of Iranian aircraft subject to US sanctions. Mahan Air has been under US sanctions for its ties to Iran’s elite Revolutionary Guard Corps, which the State Department has designated a foreign terrorist organization.
Venezuelan leader Nicolas Maduro visited Iran over the weekend. Both nations are under the US sanctions.
Iran currency drops to lowest value ever amid US sanctions
https://arab.news/zdxr7
Iran currency drops to lowest value ever amid US sanctions
- Traders in Tehran exchanged the rial at 332,000 to the US dollar, up from 327,500 on Saturday
- The rial’s new low came as US sanctions against the country are still in force
Closing Bell: Saudi main index dips slightly to 10,912
RIYADH: Saudi Arabia’s Tadawul All Share Index was broadly stable on Tuesday, as it shed just 4.61 points or 0.04 percent to close at 10,912.43.
The total trading turnover of the benchmark index stood at SR3.99 billion ($1.06 billion), with 68 of the listed stocks advancing, and 194 declining.
The Kingdom’s parallel market Nomu gained 0.68 points to close at 23,358.18.
The MSCI Tadawul Index also edged up by 0.03 points to 1,467.56.
The best-performing stock on the main market was Saudi Cable Co. The firm’s share price rose by 9.72 percent to SR161.40.
The share price of Almasane Alkobra Mining Co. advanced by 9.25 percent to SR108.70.
Al-Jouf Agricultural Development Co. also saw its stock price climb by 6.46 percent to SR48.10.
Conversely, the share price of Tabuk Agricultural Development Co. edged down by 3.67 percent to SR7.61.
On the announcements front, Dar Al Majed Real Estate Co. said that it signed a Shariah-compliant banking facilities agreement with the Arab National Bank valued at SR500 million.
In a Tadawul statement, the company revealed that the agreement is aimed at supporting the firm’s expansion plans and financing its future projects in line with its approved strategic plan.
The financing term extends for up to five years and includes a grace period of two years.
The share price of Dar Al Majed Real Estate Co. declined by 0.99 percent to SR9.
Saudi Paper Manufacturing Co. said it signed a credit facilities agreement with Kuwait Finance House Bahrain, which includes facilities allocated to finance working capital and medium-term facilities amounting to $40 million.
In a Tadawul statement, the company revealed that the working capital facilities extend for 12 months and are renewable.
The medium-term facilities last for 48 months, including a six-month grace period.
The credit facilities will be used to cover the company’s working capital for operational activities, plans and expansions in purchasing raw materials, in addition to restructuring medium-term debts to improve cash flows.
The share price of Saudi Paper Manufacturing Co. edged down by 1.09 percent to SR58.80.
